社会壁垒的合理性及对我国的积极影响

最近几年,社会壁垒已经成为欧盟国家及其他发达国家的重要贸易手段.我国国内对其负面影响的研究与宣传的较多,但对其合理性研究不够.本文就社会壁垒的产生、发展及其合理性进行了分析,并指出其对我国政府与企业的积极影响.     

论公司法的修改与完善

《中华人民共和国公司法》在其实施的七年多时间里 ,对我国的经济发展起到了重要作用。但毋庸讳言 ,其部分条文设计的先天不足及指导思想的偏差 ,使得它与时代的要求还存在着一定的差距。本文从公司的设立条件、独资公司的取舍与规范、公司的治理结构以及如何在公司法中加强诉讼保护等方面 ,对公司法的修改与完善提出了相应的建议 ,以期对我国公司制度的成熟和发展有所裨益     

论创建纳税人管理体制

纳税人管理体制是国家监管纳税人经济行为活动的基本经济制度及其运作机制。创建纳税人管理体制是中国经济与行政管理体制改革的主导目标取向 ,其社会经济条件日趋成熟。应通过健全法制、统一税费、变革政府职能、全面加快国民经济信息化进程、建立高素质税务、司法、执法队伍和校正社会生活准则、发展纳税人中介服务等途径 ,在全社会加速创建纳税人管理体制。     

国有商业银行改革所面临的困难及改进措施

随着加入WTO后金融领域的逐步开放和外资银行的大批涌入 ,国有商业银行的改革和创新日益紧迫 ,而影响国有商业银行发展和竞争力的根本因素依然存在 ,如资本严重不足、治理结构及经营机制不完善、经营环境不健全等。要解决这些问题 ,不仅需要商业银行本身加大改革力度 ,大胆进行制度创新 ,建立法人治理结构 ,还需要国家有关部门在宏观调控和具体政策上为国有商业银行营造有力的政策和市场环境。     

Corporate Governance: Factors Influencing Voluntary Disclosure by Publicly Traded Canadian Firms*

We report on the comprehensiveness of voluntary corporate governance disclosures in the annual reports and management information circulars of Toronto Stock Exchange (TSE) firms. We focus on disclosure of the corporate governance practices implemented by our sample of TSE 300 firms vis‐à‐vis the 14 guidelines set out in the TSE's report on corporate governance Where Were the Directors? Our analysis indicates that only a very few firms disclose that they have fully implemented the TSE guidelines, and that the extent of disclosure of corporate governance practices implemented varies widely among the firms. We then test factors associated with the comprehensiveness of such disclosures and the choice of disclosure medium using simultaneous equations multivariate analysis. We also assess the influence of publicized corporate governance failures on disclosure. Overall, our results suggest that the choices of disclosure medium and the extent of disclosure are made concurrently, and are influenced by the strategic considerations of management.     

盈利要求与投资决策

本讨论了公司盈利要求对经理投资决策行为的影响，并进一步将该结果与社会最优结果进行了比较分析。本研究结果表明，较高的盈利要求将导致经理选择高风险的投资项目，即使该投资项目的预期收益未必高于低风险投资项目。从社会福利最优角度来看，盈利要求对社会福利的影响取决于公司所面临的投资环境和投资项目性质。     

关于社会保险的深层次思考

正确认识社会保险税并非一般意义上的税，而是介于税费之间，从而跳出了目前的费改税之争，对当前我国社会保障制度的构建具有重要的指导作用。关于社会保险模式的选择，结合我国实际，针对不同群体可选择“并列型和个人主导型”。运用收支两条线和提高社会保障立法层次构建起社会保障运行的制约机制。同时，要在工会的参与实施下，通过制度规则建企，构建社会保险的补充形式，如企业保险、社区互助等。     

完善我国社会保障财政制度的法律思考

财政作为社会保障的核心组织者和保障资金的重要提供者，在社会保障中起有着十分重要而独特的作用。本文分析了建立和完善我国社会保障财政制度的必要性，并从社会保障预算、社会保障税、社会保障财政转移支付三个方面对我国社会保障财政制度的法律完善进行了探讨。     

The minimum variance hedge and the bankruptcy risk of the firm

In this paper, we analyze the influence of hedging with forward contracts on the firm's probability of bankruptcy (POB). The minimization of this probability can serve as a substitute for the maximization of shareholders' wealth. It is shown that the popular minimum variance hedge is generally neither necessary nor sufficient for the minimization of the firm's POB. Moreover, our model suggests a correction of the widespread view that a reduction in the variance of the future value of the firm is inevitably accompanied by a reduction in its default risk. We derive an analytical solution for the variance-minimizing hedge ratio of a firm exposed to both input and output price uncertainty that takes into account the issue of correlation. Based on this solution, we provide a graphical analysis to prove our claim that there is a fundamental difference between hedging policies focused on bankruptcy risk and those following conventional wisdom even if positive correlation constitutes a “natural” hedge.     

Default- and call-adjusted duration for corporate bonds

Call and default can potentially alter the timing and amounts of promised cashflows for callable, corporate bonds. While prior research has indicated the theoretical importance of adjusting Macaulay duration for the impacts of default and call, the question of their relative impact remains a matter of debate [The High Yield Debt Market, Dow Jones Irwin, New York, 1990, p. 18; J. Finan. 53 (1998) 2225]. We develop a theoretical analysis incorporating both default and call effects on duration and test its implications employing a previously unexplored data base of Canadian, investment grade, corporate bond indices containing an unusual provision making it possible to identify callable and noncallable indices.